Jeff Garzik On Bitcoin’s Future, Bridging with Ethereum, and Hemi’s Proof-of-Proof Technology |  Ep. 383, Part 2

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Hristina Yordanova

Managing Editor

Hristina Yordanova

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Hristina, the Managing Editor at Cryptonews.com, has a rich background in crypto journalism spanning almost a decade. She previously contributed to Cointelegraph, DappRadar, and CoinMarketCap,...

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November 13, 2024 04:31 EST

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In the second part of an exclusive interview with Cryptonews.com, Jeff Garzik, CEO of Bloq and Hemi Network, discusses the future of Bitcoin, bridging between Bitcoin and Ethereum, and introduces the innovative Proof-of-Proof (PoP) protocol. As a former Bitcoin core developer and open-source software pioneer, Garzik offers a unique perspective on the next phase of blockchain and decentralized technology.

The Future of Bitcoin: Stability and Complementary Technology

Garzik sees Bitcoin’s future as stable and reliable, calling it “bomb-proof” and “the root of the crypto tree.” In his view, Bitcoin’s conservative, stable nature is its greatest strength. Although some see Bitcoin’s limited programmability as a constraint, Garzik sees its stability as an asset, making it the go-to blockchain for long-term asset storage and as a foundation for decentralized finance (DeFi) innovations.

Bitcoin’s most promising applications, according to Garzik, are merging with stablecoins. By collateralizing Bitcoin, users can mint stablecoins, creating a bridge between Bitcoin’s store of value and the need for a stable currency.

“The two killer apps that have emerged from crypto,” he notes, “are Bitcoin and stablecoins.”

Bridging Bitcoin and Ethereum with Hemi

Garzik describes Ethereum as the “grand central station of crypto” due to its functionality and developer-friendly environment. Recognizing the potential in combining Bitcoin’s security with Ethereum’s programmability, Garzik and his team developed Hemi, a blockchain bridge that connects the two ecosystems. Unlike isolated sidechains, Hemi offers cross-chain functionality, allowing users to move assets between Bitcoin, Ethereum, and Hemi itself without a complicated transfer process.

Hemi’s standout feature is its unique HVM (Hemi Virtual Machine), which integrates a Bitcoin node within an Ethereum node, enabling seamless interactions between both networks.

“For the first time in Ethereum smart contract script,” Garzik explains, “you can talk to the live Bitcoin chain.” This integration simplifies transactions, reduces user risk, and enhances asset security.

Jeff Garzik on Proof-of-Proof: A New Security Protocol

At the core of Hemi’s security is Proof-of-Proof (PoP), a protocol developed by Bloq’s CTO Max Sanchez. PoP anchors Hemi’s blockchain into Bitcoin’s blockchain, allowing Hemi transactions to inherit Bitcoin’s robust security.

Describing it as “super finality,” Garzik explains that each Hemi transaction is embedded in a Bitcoin block, leveraging Bitcoin’s unparalleled censorship resistance. This contrasts with more centralized options like merged mining, as PoP enables secure anchoring without requiring reliance on third-party mining pools.

As Hemi moves toward its mainnet launch by the end of the year, Garzik is confident it will appeal to both Bitcoin and Ethereum communities, ultimately bridging the strengths of each network to foster a new era of decentralized innovation.

You can watch the full video interview here.

About Jeff Garzik

Jeff Garzik is the co-founder and CEO of Bloq and leader of the Hemi Network project. He has long been at the center of developing and commercializing open-source software related to Bitcoin and blockchain technology. Previously, he spent five years as a Bitcoin core developer and ten years at Red Hat.